For many entrepreneurs, travel and entertainment (T&E) tax deductions can be a minefield. Certain expenses for business travel are deductible as long as they meet two criteria: They must be “ordinary and necessary” in the course of doing business, and they must be documented.
On March 14, 2017, the Consumer Review Fairness Act (CRFA) took effect, laying out new rules for both businesses and consumers. Understanding those rules will keep your business on the right side of the law, as well as shed some light on some unscrupulous practices alive and well online.
Although the simplicity and affordability of running a business as a sole proprietorship may have attractive perks, there are reasons why you might benefit from forming an LLC (limited liability company) or corporation instead.